Press Release
Trkiyes First Direct NYSE-Listed Company, Marti Technologies, Benefits As Ride Hailing Takes Off
–News Direct–
By Meg Flippin, Benzinga
Ride-hailing is taking off in Trkiye, particularly in cities from Istanbul to Izmir to Antalya, as the middle class grows, the population increases and people trade private vehicles and public transportation for on-demand rides. Marti Technologies Inc. (NYSEAMERICAN: MRT), the leading mobility app company hailing from Trkiye, is capitalizing on that growing demand.
The company, which launched its app in 2019, matches riders with car and motorcycle drivers and operates a large fleet of rental e-mopeds, e-bikes and e-scooters. Marti Technologies reports that it became the number one mobility app in Turkiye in 2020, a year after its application launch, and has retained that position every year since. The company also reports that it has over 4.5 million unique riders on its application, and its ride-hailing service boasts 452,000 unique riders and 100,000 registered drivers. All of Martis offerings are serviced by proprietary software systems and IoT infrastructure.
Trailblazing With Its U.S. Listing
Another important milestone, one that's rare for a Turkish company, is a direct U.S. listing. But thats exactly what Marti accomplished this past summer, debuting on the NYSE. Marti was able to pull off the U.S. listing by merging with Galata Acquisition Corp. (NYSE: GLTA). The deal was first announced in August of 2022, and Marti began trading about a year later.
Marti reports that its NYSE debut was the first direct listing of a company in Trkiye, and it is expected to serve as a model for other companies in Trkiye and the region that want to tap the public markets in the U.S. The fact that Marti chose this pioneering financing model underscores the growth potential for ride-hailing in the country, particularly in the Turkish metropolises. Martis public listing was recognized as the International Equity Capital Markets Deal of the Year by Bonds, Loans, and ESG Capital Markets CEE (Central and Eastern Europe), CIS (Commonwealth of Independent States) & Trkiye Awards 2023. McKinsey & Company, the consulting firm, estimates the taxi market size in Trkiye was between $9 billion to $12 billion as of 2021. By 2030, McKinsey & Co. forecasts that the ride-hailing market could grow to between $15 billion and $20 billion.
Checking Off All The Boxes
When the deal was first announced, Marti said the U.S. listing would help it go after the fast-growing Trkiye market, maintain its leadership position, expand its scale and reach to retain customers and do all of it in an environmentally friendly way. In its first four years, Marti has achieved significant traction for its mobility products, strong growth and best-in-class unit profitability, Alper Oktem, Founder and CEO of Marti, said at the time. We are privileged to have the support of top-tier investors and access to the U.S. capital markets following the closing of this proposed transaction, which will leave Marti well-capitalized to seek to become Trkiyes first mobility super app by expanding into other attractive adjacencies, leveraging our growing and loyal customer base.
Since that announcement, Marti seems to have checked all those boxes and then some, showcasing growth that seems similar to ride-hailing leaders in the U.S. such as Uber Technologies Inc. (NYSE: UBER). Month-over-month in December Marti saw ride-hailing riders grow 19% and registered drivers grow 11%. Both areas grew faster than the company expected, underscoring how big of an unmet need it serves. Given the growth in riders and drivers, the company expects to have more than 700,000 riders and over 120,000 registered drivers by March 31, 2024.
If Uber is any evidence, those double-digit growth rates may continue as Marti establishes itself as a leader in the region. For Ubers third quarter, which it announced in November, the ride-hailing leader posted a 31% year-over-year increase in mobility gross bookings and thats in saturated markets. More importantly, it was able to achieve profitability in its ride-hailing business, the largest part of its operation.
While Marti is currently in a legal battle with the taxi association of Istanbul, the notoriously poor quality of service of taxis in the city clearly suggests that an alternative solution is necessary. The UEFA Champions League final, soccer's most prestigious club event globally, took place in Istanbul in 2023, and the competition's governing body UEFA advised all fans and tourists visiting the city to not use taxis for transportation. The problems endemic to the taxi sector in Turkey range from not picking up locals to charging exorbitant unmetered fees to tourists to verbal and physical violence.
Future Plans And Growth Potential
Marti may be focused on ride-hailing for now, but the company plans to expand into other areas of mobility and services, which will increase sales and improve its bottom line. While it's sporting a market capitalization of around $40 million as of mid-January 2024, Marti recently launched a share buyback program, and there may be a lot of potential. One only has to look at the valuations of some of Trkiyes successful online to offline services businesses including e-commerce giant Trendyol, grocery delivery company Getir and food delivery app Yemeksepeti, for evidence. Trendyol, which is majority-owned by Alibaba Group Holding Ltd. (NYSE: BABA) Chinas leading e-commerce company, which is one of the countrys first decacorns with a valuation of more than $16 billion while Getir sports a valuation of around $2.5 billion and Yemeksepeti was acquired by Delivery Hero in a $589 million deal. Trkiye is reportedly unique in that local players, not international ones, tend to lead in the market and grow organically through investments and via M&A.
Over the years Alibaba has invested $1.4 billion into Trkiye and plans to invest as much as $2 billion more. Given Trkiyes strategic location between Europe and Asia, Alibaba sees Trkiye as the perfect pit stop to fuel the e-commerce giants expansion in Europe. As a result, it has been investing to build up logistics and data centers in key locations in the country. Its not just Alibaba that is eyeing Trkiye for expansion. Shein, the fast-fashion brand, recently started manufacturing in Trkiye, and in the fall, Amazon.com Inc. (NASDAQ: AMZN) opened its first logistics center. All of that could fuel the rise of the middle class in Trkiye and the need for rides in cities, which means potentially more business for Marti.
The ride-hailing market seems to be taking off in Trkiye, and Marti seems well-positioned to capitalize. It's already a leading app and has the name recognition of a U.S. listing and the backing of investors in U.S. markets. It doesnt yet boast the market valuation of its larger rivals in the U.S. and cant claim decacorn status in Trkiye, but that also indicates room to grow. Marti has the pedal to the metal and plans to stay in the lane for the years to come.
Featured photo by Anna Berdnik on Unsplash.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.
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View source version on newsdirect.com: https://newsdirect.com/news/turkiyes-first-direct-nyse-listed-company-marti-technologies-benefits-as-ride-hailing-takes-off-601995804
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Stellar Furniture, a leading office furniture manufacturer with 33 years of experience, has expanded its production capabilities by moving to a new, larger facility in Foshan, China. This strategic move consolidates its office chair and desk manufacturing under one roof to meet growing global demand efficiently. The new 25,000 square meter factory enhances manufacturing efficiency, quality control, and logistics, supporting Stellar’s commitment to producing high-quality, eco-friendly furniture. As the global office furniture market grows, Stellar is well-positioned to capitalize on these trends, maintaining its reputation for innovation, quality, and sustainability.
Foshan, Guangdong, China, 10th Sep 2024 – Stellar Furniture, a 33-year experienced office furniture manufacturer in China, has announced a significant expansion in its production capabilities with the move to a new, larger factory space. This strategic development comes as the company consolidates its office chair and desk manufacturing operations under one roof, driven by the growing demand for its office chair and desk inventories and the need for more efficient production processes. Stellar Furniture has been exporting high-quality office furniture to over 90 countries worldwide, solidifying its reputation as a global leader in the industry.
In a statement about the expansion, the CEO Mr. Arihant Nahar of Stellar Furniture said, “This new facility marks a major milestone in Stellar Furniture’s growth. Our customers have placed immense trust in our products, and it is our responsibility to scale up production while maintaining the highest standards of quality. We are committed to meeting the market’s demands in the most efficient and timely manner.”
The global office furniture market is experiencing robust growth, with significant projections for the future. According to IMARC, the furniture market is expected to reach US$ 87.4 Billion by 2032. The Niche Research further reports that the global office furniture market is expected to grow at a CAGR of 8.1% over the forecast period (2024 – 2034). This growth is driven by factors such as rapid urbanization, industrialization, and the increasing awareness of ergonomic benefits, particularly in the office chairs segment, which is expected to grow at a CAGR of 6.4%. Stellar Furniture’s expansion is well-timed to capitalize on these industry trends, meeting the rising demand for quality office furniture across the globe.
The new factory, which spans 25,000 square meters, is a response to the increasing global demand for quality office furniture that meets both ergonomic and environmental standards. Stellar’s recently launched sustainable office chair series has seen a surge in popularity, with orders rising daily. These eco-friendly products, made from recyclable materials, are part of a broader industry trend towards sustainability, and Stellar Furniture is at the forefront of this movement. The ongoing expansion of furniture retail brands like IKEA, Conforama, Rooms To Go, Steinhoff and others further underscores the market’s potential, presenting opportunities for companies like Stellar Furniture to expand their reach.
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Demand to Adhere the Quality Standards and Compliance
Stellar Furniture is renowned for its commitment to strict quality guidelines, they manufacture office chair and furniture with BIFMA, ANSI, and BSCI certification. The new facility is designed with an expanded quality control department, where every piece of furniture undergoes rigorous checks before being dispatched. This enhanced focus on quality assurance reflects Stellar Furniture’s dedication to producing durable, reliable products that meet international standards.
The new space also features advanced logistics capabilities, including the ability to accommodate a 40ft tall container directly within its dispatch unit. This streamlined shipping process is expected to further improve the company’s ability to handle large orders efficiently, reinforcing its position as a reliable office furniture supplier in China.
The move to a larger facility is also a significant step in Stellar Furniture’s long-term strategy for sustainable growth. With a more spacious and versatile production environment, the company can continue to innovate and expand its product line, particularly in the area of sustainable office furniture. This includes the ongoing development of eco-friendly models that align with the industry’s shift towards greener practices.
As the demand for sustainable and ergonomic office chairs continues to grow, Stellar Furniture is well-equipped to meet these evolving needs. Their expansion positions the company to capitalize on emerging opportunities in the global office furniture market. With its new production facility, Stellar Furniture appears to be ready to meet the challenges of the future, offering a wide range of office chairs and desks that cater to the diverse needs of modern workplaces. As the company embarks on this new chapter, it remains committed to its core values of quality and innovation, ensuring that every piece of furniture that leaves its factory meets the highest standards of excellence.
Media Contact
Organization: Stellar Furniture
Contact Person: Avil Porwal
Website: https://www.stellarglobal.com/
Email: Send Email
Contact Number: +919109316533
Address: Henan Road, South District of Longcong Industrial Zones,
Address 2: Beijiao Town, Shunde,
City: Foshan
State: Guangdong
Country: China
Release Id: 10092416797
The post Stellar Expands Office Furniture Production to New Larger Facility in Foshan, China appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.
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09 September 2024 – Cortux, an innovative platform blending decentralized finance (DeFi) with e-commerce, is excited to announce the launch of its CRX token. This launch represents a significant step forward in Cortux’s mission to create a seamless and secure ecosystem for financial services and online shopping.
Cortux offers a unique combination of features that enhance the user experience. With DeFi integration, users can access a variety of financial services such as staking, lending, and yield farming. These services provide diverse investment opportunities, allowing users to grow their assets in a secure and transparent environment.
The e-commerce aspect of Cortux allows users to purchase goods and services directly with CRX tokens. This not only increases the token’s utility but also fosters a dynamic and engaging online marketplace. The platform’s focus on secure transactions ensures that users can shop with confidence, knowing that their transactions are protected by blockchain technology.
One of the standout features of Cortux is its mobile wallet, which offers users the convenience of managing their CRX tokens and other assets on the go. Additionally, the integration of a Visa card enables users to spend their CRX tokens at millions of merchants worldwide, bridging the gap between cryptocurrency and traditional finance.
Cortux is built on the Ethereum blockchain, ensuring that it benefits from the security and reliability of one of the most established blockchain platforms. The CRX token is an ERC-20 token with a total supply of 1 billion tokens. The distribution is carefully planned to support the growth and sustainability of the Cortux ecosystem.
The Cortux roadmap outlines a clear path for future development. Following the ICO scheduled for Q3 2024, the platform will focus on launching the mobile wallet and integrating the Visa card. Subsequent phases will include expanding the e-commerce platform, enhancing DeFi services, and establishing strategic partnerships to broaden the use cases and adoption of the CRX token.
Cortux’s dedication to innovation and user-centric solutions is poised to set a new standard in the DeFi and e-commerce sectors. The launch of the CRX token is just the beginning of Cortux’s journey to revolutionize the way people interact with financial services and online shopping.
For more information on Cortux and the CRX token, visit the official website at https://cortux.net/ or follow us on social media for the latest updates and developments.
About Cortux
Cortux is an advanced platform that integrates decentralized finance (DeFi) with e-commerce, providing users with innovative financial services and a dynamic online shopping experience. Built on the Ethereum blockchain, Cortux offers secure and transparent transactions, a mobile wallet, and a Visa card to bridge the gap between cryptocurrency and traditional finance. The CRX token is central to the Cortux ecosystem, driving its growth and utility.
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Charles Miller
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Charles@cortux.net / info@cortux.net or contact@cortux.net
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